With credit card usage and outstanding rising sharply in the country, the Reserve Bank of India (RBI) has directed card issuers (banks and non-banks) to provide an option to their eligible customers to choose any one among the multiple card networks. Major card networks in India include Visa, Mastercard, American Express and RuPay.
This option may be exercised by customers either at the time of issue or at any subsequent time, the RBI said in a draft circular to banks. “Card issuers should not enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks,” the RBI said.
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